The End of Dollar Dominance? Signs of Change in theInternational Financial System

Various changes are emerging in the international financial arena which could challenge the West’s dominance in for example the global monetary system. In this latest addition in our special series of thinkpieces on global themes, Vanessa Rossi of Chatham House explores these changes. Effectively tensions derive from the broader, long-term trends: the US dollar, the key reserve currency at the heart of the present system, has been struggling to cope with the growing and multiple demands arising from the rapid expansion of the world economy, financial markets and foreign exchange (FX) reserves.[...]